Pennsylvania Launches Investment Strategy to Promote Renewables, Announces Investment Agreement with Germany

September 14, 2006

On September 12, Pennsylvania launched an investment strategy, the Keystone Green fund, to promote greater public and private investments in renewable energy sources. The fund will include $40 million in state assets and several million more from Pennsylvania-based energy funds, to attract and leverage private sector investments in clean technology products and firms that will benefit the state economy.

"Keystone Green is a comprehensive effort to identify investments that can generate superior returns for Pennsylvania taxpayers, while attracting future private sector venture capital investment and job growth in clean technology industries," says Pennsylvania State Treasurer Robert Casey.

Casey will reallocate $50 million in state assets from investment managers to those who can demonstrate a track record of providing superior returns on their investments in clean technology stocks.

For more information, read the Pennsylvania Treasury Department September 12 press release.

The next day, Pennsylvania Governor Edward G. Rendell announced an international agreement between Pennsylvania and North Rhine-Westphalia (Germany's leading industrial state) to attract more foreign investment and job creation in the commonwealth's energy sector. The memorandum of understanding calls for exchanging ideas and information about alternative energy issues and mutually enhancing economic opportunities between the governments.

"The innovations that are leading our societies to new economies based on clean sources of energy are emerging from states such as Pennsylvania and North Rhine-Westphalia," Rendell said. "This budding relationship with one of Europe's industrial powerhouses will add to what we can accomplish in providing reliable sources of clean energy for our residents and businesses and for the world at large."

The relationship between commonwealth government agencies and North Rhine-Westphalia began earlier this year when North Rhine-Westphalia officials sought out international trade representatives with the Pennsylvania Department of Community and Economic Development.

For more information, read Governor Rendell's September 13 press release.